In the event, the Bank of England's monetary policy committee neither added to the existing £325 billion of quantitative easing nor cut Bank rate from its record low of 0.5%. Like the European Central Bank it is waiting to see how events in the eurozone unfold.
Had the construction and service-sector purchasing managers' indices followed last week's manufacturing PMI and fallen sharply, the decision might have been different. But the construction PMI was surprisingly strong at 54.4 and this morning's service-sector PMI held steady at 53.3, better than expected. The Bank will take stock again pending developments in the eurozone and at home.